Team17 Group PLC (AIM:TM17) has said it expects its revenue and adjusted earnings for 2022 to be “significantly” ahead of market expectations, lifting shares in the video games developer by as much as 7.3% early on.
The company, which has developed games including Overcooked, Alien Breed and Worms, said it traded strongly in the second half, with multiple new first and third-party games released, extended games distribution to wider platforms and strong support across the portfolios with additional new content updates.
“As a result, revenue and adjusted EBITDA for FY2022 will be significantly ahead of market expectations and show strong growth compared with FY2021, benefitting from the performance of a stronger, broader portfolio supported by the acquisitions and investment in people made over the last two years,” the company said in a trading statement.
“Whilst the board remains mindful of the cost-of-living crisis and constantly changing global economic trends, and continues to closely monitor the impacts over the coming months and year ahead, we enter FY2023 with confidence,” it added.
Team17 shares were up 25p, or 6%, at 437.50p in morning trading, outperforming a 0.4% rise by the FTSE AIM 100 index.